Grocery delivery service Instacart raised $600 million in its latest funding round, led by D1 Capital.
The company is now valued at $7.6 billion and plans to use the investment to continue growing, according to a news release. Instacart will spend more on marketing in stores and expects to bring on high-level engineers and product development personnel.
Instacart serves more than 15,000 grocery stores in 4,000 cities currently, and the service is available for more than 70% of households in the U.S.
“The U.S. is nearly a $1 trillion grocery market, and last year we saw almost every major grocer in North America bring their delivery business online in a significant way,” Apoorva Mehta, CEO of Instacart, said in the release. “We believe we’re in the very early stages of a massive shift in the way people buy groceries and we expect that one in five Americans will be shopping for their groceries online in the next five years. We’re excited to partner with D1 Capital on this investment, which is a testament to the growth we’ve seen and our ambitious plans for the future.”
Instacart has partnered with retailers including Kroger, Aldi, Sam’s Club, Publix, Loblaw, Sprouts, Albertsons and Walmart Canada.
Related: Here’s the editor’s take on the future for online grocery shopping.
Related: Firm projects big growth for online grocery
Related: Amazon, supermarkets compete for online grocery share